Wall Street down despite good Cisco Systems performance

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The American manufacturer of network equipment Cisco Systems was one of the strongest risers on the stock exchanges in New York today. The company has had a quarter that analysts and investors had expected. The company also raised expectations for the full fiscal year. The stock rose more than 6 percent.

Investors were also enthusiastic about good data on the US labor market. For example, it turned out that the number of weekly applications for unemployment benefits fell slightly. In terms of inflation, however, there was less good news. The prices charged by American producers for their products increased more than expected in January. Earlier this week it was reported that inflation in January cooled less than hoped.

The American manufacturer of network equipment Cisco Systems was one of the strongest risers on the stock exchanges in New York today. (Unsplash)

Dow Jones, Nasdaq

Shortly after the start of trading, the Dow Jones index was 0.9 percent lower at 33,805.56 points. The broad S&P 500 fell 1.1 percent to 4101.93 points and tech exchange Nasdaq lost 1.2 percent to 11,925.26 points.

Apple lost 0.9 percent. According to business newspaper The Wall Street Journal, the US Department of Justice has speeded up the long-running competition investigation into the iPhone maker.

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Tesla drops

Tesla was 0.8 percent lower, after the strong price gains of the past few days. The electric car manufacturer has laid off dozens of employees at a factory in the US city of Buffalo. The resignation follows the announcement of the staff’s plan to unite in a union. The dismissed employees have filed a complaint against the company.

The maker of media players for video streaming Roku made a share price jump of more than 12 percent. The company suffered less losses last quarter than feared. Paramount Global, on the other hand, fell 2 percent after disappointing results from the media group.

Shopify plummeted 16 percent. The Canadian e-commerce company performed better than expected last quarter, but the outlook for the current quarter was disappointing.

TripAdvisor fell more than 6 percent. Analysts from investment bank Bernstein lowered the advice for the travel advice website, which released results earlier this week.

Hasbro won 3.7 percent after better than expected results. The toy manufacturer had already warned last month about disappointing sales in the important holiday period and announced that it would cut about a thousand jobs worldwide to cut costs. That amounts to about 15 percent of the total workforce.

Euro dollar

The euro was worth $1.0704, compared to $1.0676 the day before. A barrel of US oil became 0.3 percent cheaper at $ 78.36. Brent oil also fell 0.3 percent in price to $85.11 a barrel.

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